TechnipFMC reported a significant earnings boost in the second quarter, driven by strong operational performance and key project awards, including the Whiptail project in Guyana. The company’s total revenue reached US$2,325.6 million, with net income at US$186.5 million, or $0.42 per diluted share. After adjusting for charges and credits, net income stood at US$188.9 million, or US$0.43 per diluted share.
Technip’s Chief Executive Officer Doug Pferdehirt highlighted the company’s exceptional performance. Technip’s subsea operations saw notable improvements, with operating profit margin rising to 13.8% and adjusted earnings before interest, taxes, depreciation, and amortization margin to 17.7%. Subsea inbound orders hit US$2.8 billion, with key projects including Woodside’s Xena Phase 3 and Energean’s Katlan development.
Chair and Chief Executive Officer of TechnipFMC
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Pferdehirt emphasized the impact of the Whiptail project. He remarked, “Through our success in Guyana, we have established a strong reputation for meeting the accelerated schedule requirements of an emerging basin.”
TechnipFMC will provide project management, engineering, and manufacturing to deliver 48 subsea trees and associated tooling, as well as 12 manifolds and associated controls and tie-in equipment for Whiptail. It is TechnipFMC’s most recent award from ExxonMobil Guyana, where the company has been awarded subsea production system contracts since the first award in 2017 for Liza 1.
The company’s backlog reached a record US$13.9 billion, with expectations for Subsea orders to approach US$10 billion for the year. Pferdehirt concluded, “The strong financial performance in the period clearly demonstrates the solid momentum we are experiencing in our execution.”
